The anticipated size of the global wetsuit market in 2022 was close to USD 1.72 billion. The general population's rising wealth levels in some regions, advancements in surfing, and coordinated product design & manufacture are likely to fuel industry expansion. It is thus anticipated to have produced USD 3.55 billion by 2023, alongside a CAGR of 6.6% from 2023 to 2033.
The demand for the industry has been boosted by the growth of water activities such triathlons, wakeboarding, water skiing, windsurfing, paddleboarding, kiteboarding, swimming, and kiteboarding. They have become more well-liked as the economy and financial freedom of the consumers have improved.
The demand for the product is also rising as a result of new technology for building artificial wave parks. Manufacturers are focusing their efforts on creating wetsuits that don't harm the environment by using neoprene along with water-based adhesive instead of natural rubber.
The invention of shark-repelling wetsuits along with the Shark Attack Mitigation System (SAMS), for example, has had a substantial impact on market expansion. It disguises the diver with confusing color and presents him as a potential danger to the animal.
In the next years, it is anticipated that favorable rules to encourage wellness through surfing as well as diving sports as well as rising disposable incomes would benefit the sector. Government regulations on the ecologically friendly goods are also influencing demand. The high incidence of fatal diving accidents restricts the market's expansion.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 1.72 billion |
| Expected Market Value (2023) | USD 1.96 billion |
| Projected Forecast Value (2033) | USD 3.55 billion |
| Anticipated Growth Rate (2023 to 2033) | 6.6% CAGR |
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Wetsuits are preferred more than dry suits because they provide better thermal protection while wet, and the fabric allows better insulation compared to dry suits. Wetsuits have more applications such as scuba diving, surfing, and sailing among others, however, dry suits are majorly used for deep-sea diving. FMI has forecast the wetsuit market rose at a 3.8% CAGR between 2018 and 2022.
Growth in number of water sports and recreational activities like surfing, diving, and water skinning is expected to continue pushing sales of wetsuits. Increasing number of women participation in water sports is compelling manufacturers to launch stylish yet comfortable wetsuits. For instance, in 2018, Sisstrevolution brand launched their product line of wetsuits only for women.
A large number of millennial consumers are actively spending on recreational activities during vacations. The availability of rental water sporting accessories in coastal regions is spurring demand for quality wetsuits, which is compelling manufacturers offer premium products to improve sales. The aforementioned factors are expected to continue pushing sales of wetsuits over the forecast period.
Consumer Preference Shifting Towards Innovative Designs
Sales of wetsuits are driven by shifting consumer preference in favor of novel design that provide them best experience at reasonable prices. Growing competition among brands is encouraging players to learn and emphasize upon customers’ needs and provide them with better water sports accessories.
Eco-friendly Products are Booming in the Global Market
With stringent norms implemented by regional governments to manufacture eco-friendly products, manufacturers are launching wetsuits made from green material such as natural rubber and water-based glue as a substitute to neoprene. Emergence of wetsuits made from materials such as recycled plastics and water bottles is also expected to gain traction over the forecast period.
Advancements in the Stitching Techniques to Enhance the Efficiency
Innovations in stitching technique such as blind stitching that allow neoprene and water to flush through stitching holes are expected to propel sales of wetsuits. Inclusion of materials such as spandex, lycra, and wool is also helping manufacturers to improve warmth and flexibility of wetsuits, which in turn is augmenting growth of the wetsuit market.
The Full Sleeves Segment to Gain Immense Traction from 2023 to 2033
In terms of product type, the full sleeves segment is projected to account for a dominant share of 71.4% in 2022. Full sleeves wetsuits are not only more comfortable but also protect users from minor physical danger.
Sales of full sleeves wetsuits are expected to grow at a 5.8% through 2033. Growth of recreational and water sports activities is likely to promote the adoption of safe, comfortable, and flexible wetsuits. The introduction of Shark Attack Mitigation System (SAMS) in wetsuits will continue bolstering sales of wetsuits over the forecast period.
Demand for Wetsuits Among Surfing Enthusiasts to Continue Rising
Based on application, the surfing segment is projected to account for 38.1% of the total market share in 2022. Surfing is one of the most popular water sport activities which can be enjoyed by all individuals regardless of age.
Surfing is a relaxing activity and an adventure sport as well. The aforementioned factors are expected to propel sales of wetsuits for surfing over the forecast period.
The Global Demographics of Men is anticipated to aid the Growth of the Market
Sales of wetsuits for men are projected to account for a dominant share of 51.5% in the global wetsuits market in 2022. Majority of consumers prefer to participate in recreational activities during vacations. Instead of purchasing a wetsuit for few days, customers like to rent out a wetsuit that is available for both men and women.
Men wetsuits have a vast product portfolio and are thus, are easily available in various sizes, colors, and types. This is expected to continue spurring demand for wetsuits for men over the assessment period.
Wetsuits under the Range of USD 100 is likely to be High in Demand
Wetsuits are still at a growing stage in the water sports industry. Very few brands exist in the market that provides diversified product offerings for wetsuits.
Brands are aiming to invest in product innovations to provide customers with eco-friendly wetsuits at reasonable rates. FMI has forecast sales of under USD 100 ranged wetsuits to account for nearly 51.2% of the total market share in 2022.
Sales of Wetsuits through Water Sports Accessories Stores to Continue Gaining Momentum
In terms of distribution channel, sales of wetsuits through water sporting accessories stores are expected to rise at a 5.3% CAGR over the forecast period. It is necessary for the outfit to be comfortable in order to achieve the best performance. Customers prefer purchasing water sports accessories in stores as they like to try it before purchasing.
High-Quality Sports Brand to Enhance the Sales of Wetsuits Regionally
East Asia is predicted to be one of the most attractive markets during the forecast period, according to FMI. China is expected to account for over 44.2% of the East Asia wetsuit market share in 2022.
Growing popularity of recreational activities in China, along with the presence of high-quality water sports accessories brands in China are expected to continue bolstering sales of wetsuits. Introduction of new water sports activities and events will provide impetus to growth of the wetsuit market in China.
For instance, in 2020, Asia Water Recreational Sport Expo took place in China, which created numerous growth opportunities for the wetsuit market players. This expo created an international exchange and trading platform for water sports products enterprises to capitalize on trends and improve sales.
Organizational Initiatives to Boost the Sales of Wetsuits
The United States is expected to account for over 83.3% of the North American wetsuit market share in 2022. Increasing demand for water activities and growing initiative from various organizations to support diving and surfing activities is likely to boost growth of the market.
Rising popularity of indoor platforms with artificial water waves parks and inland surfing grounds are influencing individuals, especially millennials to participate in water-based activities, which in turn is spurring demand for wetsuits.
The surging water sporting events and contests remain a key factor creating lucrative opportunities for wetsuit market players. For instance, in 2021, PADI (Professional Association of Diving Instructors) the world’s largest divers exploring organization, announced an open event for PADI dive centers, resorts and professionals to join and celebrate adventure, passion and ocean advocacy.
Presence of Various New Waterparks throughout the country to Offer Lucrative Opportunities
In 2022, India is anticipated to account for over 28.2% of the South Asian wetsuit market share. The presence of various water parks in India is likely to create new opportunities for the wetsuit market players.
For instance, the Water Kingdom (Esselworld) located in Mumbai, Maharashtra, is Asia’s largest water theme park with various water rides and thrills. The opening of India’s first surfing ridge, Leo Splash Water Park in Hyderabad in 2020, is likely to gain attention of customer towards water sports, resulting in high demand for wetsuit over the forecast period.
Growing trend of digitalization and introduction of various social media platforms is helping manufacturers to extend their offerings through online retail channels. This is anticipated to continue pushing sales of wetsuits in India.
Leading players operating in the global wetsuit market are focusing on intensive research and development for launching innovative products and services in the market. Furthermore, prominent players are aiming at strategic collaborations with regional distributors and end-users to strengthen their presence in the market.
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 6.6% from 2023 to 2033 |
| Market value in 2023 | USD 1.96 billion |
| Market value in 2033 | USD 3.55 billion |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD billion for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Type, Application, Consumer Orientation, Price Range, Sales Channel, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Japan, China, Singapore, Thailand, Indonesia, Israel, GCC countries, South Africa, Australia, New Zealand |
| Key Companies Profiled | O’Neil Inc.; Quicksilver Inc.; Billabong International Limited; Aqua lung; Gullewa Limited; Shieco Group Co. Ltd.; Xcel; Patagonia, Inc.; Vissla; Rip Curl; Sisstrevolution; Speedo; BARE Sports; Decathlon S.A. |
| Customization & Pricing | Available on Request |
The market is expected to advance at a CAGR of 6.6%.
The market is estimated to reach USD 3.55 billion by 2033.
Key players are engaged in product innovation.
The market is estimated to secure a valuation of USD 1.96 billion in 2023.
The three key wetsuit market players are O'Neill, Quiksilver, and Rip Curl.
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Wetsuit Market
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